CAC 40指数周三小幅下跌0.1%，至8210点，徘徊在一周低点附近，因投资者消化了新一批企业盈利。法国制造商Bic的股价暴跌超过9%，此前该公司下调了2025年的销售、营业利润率和现金流增长预测，理由是第三季度业绩低于预期。Sopra Steria在报告同期收入有机下降近3%后下跌1%。在该指数的主要落后者中，意法半导体、Orange、泰雷兹和安盛各下跌约1%。从好的方面来看，Stellantis上涨了2%以上，这得益于其竞争对手梅赛德斯-奔驰汽车部门报告的利润率高于预期。展望未来，市场注意力转向美联储将于今天晚些时候作出的政策决定，在劳动力市场降温和通胀涨幅低于预期的迹象下，政策制定者普遍预计将在今年第二次降息。

The CAC 40 edged down 0.1% to 8,210 on Wednesday, hovering near a one-week low as investors digested a fresh batch of corporate earnings. Shares of French manufacturer Bic plunged over 9% after the company cut its 2025 forecasts for sales, operating margin, and cash flow growth, citing weaker-than-expected third-quarter performance. Sopra Steria slipped 1% after reporting a nearly 3% organic decline in revenue for the same period. Among major laggards on the index, STMicroelectronics, Orange, Thales, and AXA each lost around 1%. On the upside, Stellantis rose more than 2%, buoyed by stronger-than-expected margins reported by rival Mercedes-Benz in its automotive division. Looking ahead, market attention turns to the Federal Reserve’s policy decision due later today, with policymakers widely expected to deliver a second rate cut of the year amid signs of a cooling labor market and a smaller-than-expected increase in inflation.

巴黎CAC 40指数周二下跌0.4%，收于8208点，投资者消化了一波企业盈利，等待美中贸易框架的最新消息，以及美联储和欧洲央行本周晚些时候的政策决定。法国巴黎银行股价下跌4.3%，此前该行公布了低于预期的第三季度业绩，受到与安盛IM相关的整合成本及其全球市场部门“特定案例”准备金的压力。相比之下，凯捷在上调增长预测后上涨2.6%，原因是人工智能驱动的需求强劲，北美势头强劲，第三季度收入按固定汇率计算增长2.9%。液化空气集团季度销售额增长1.1%。从宏观角度来看，9月份法国大陆的登记失业人数增加了60.2万人，达到308.2万人，为六个月来的最高水平，但仍低于2月份的321.7万人的峰值。

Paris’ CAC 40 fell 0.4% to close at 8,208 on Tuesday as investors digested a wave of corporate earnings and awaited updates on the US-China trade framework alongside policy decisions from the Federal Reserve and European Central Bank later this week. BNP Paribas tumbled 4.3% after reporting weaker-than-expected third-quarter results, pressured by integration costs tied to Axa IM and a provision for a “specific case” in its Global Markets unit. In contrast, Capgemini jumped 2.6% after lifting its growth forecast, citing strong AI-driven demand and solid North American momentum, with Q3 revenue up 2.9% in constant currency. Air Liquide gained 1.1% on stronger quarterly sales. On the macro side, registered unemployment in mainland France rose by 60.2K to 3.082M in September, the highest in six months but still below February’s 3.217M peak.

2025年9月，法国大陆的登记失业人数增加了60.2万人，达到308.2万人，为六个月来的最高水平，但仍低于2025年2月的峰值321.7万人。月度增长范围广泛，包括核心老年人口（+32.2万至175.8万）、50岁以上人口（+9.5万至79.82万）和25岁以下人口（+18.5万至52.57万）。与去年同期相比，登记失业人数增加了23.8万人。

The number of registered unemployed in mainland France rose by 60.2 thousand to 3.082 million in September 2025, the highest level in six months but still below the February 2025 peak of 3.217 million. The monthly increase was broad-based, including the core-aged population (+32.2 thousand to 1.758 million), those aged over 50 (+9.5 thousand to 798.2 thousand), and those under 25 (+18.5 thousand to 525.7 thousand). On a year-on-year basis, registered unemployment climbed by 238.0 thousand.

法国10年期OAT收益率徘徊在3.4%左右，接近两周高点，投资者权衡政治不确定性，等待本周晚些时候央行的关键决定。国民议会周一达成预算妥协，通过了一项修正案，增加了对该国最大公司的税收，旨在将财政赤字从今年的5.4%降至4.7%。社会党威胁要就财富税提出不信任动议，这增加了不确定性，尽管政府继续反对左翼对富人征税的提议。对2026年预算的关键投票定于下周二举行。市场也关注着央行的主要举措：普遍预计美联储将在周三降息25个基点，而欧洲央行预计将在周四保持利率稳定。

France’s 10-year OAT yield hovered around 3.4%, near a two-week high, as investors weighed political uncertainty and awaited key central bank decisions later this week. The National Assembly on Monday reached a budget compromise by passing an amendment increasing taxes on the country’s largest companies, aiming to reduce the fiscal deficit from 5.4% this year to 4.7%. A Socialist Party threat to table a no-confidence motion over wealth taxes adds to uncertainty, though the government continues to oppose the left’s proposed levy on the wealthy. A critical vote on the 2026 budget is scheduled for next Tuesday. Markets also eye major central bank moves: the US Federal Reserve is widely expected to cut rates by 25 basis points on Wednesday, while the European Central Bank is anticipated to hold rates steady on Thursday.